Lake Havasu City, AZ Real Estate News

By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
When you buy a Havasu home, you take on any issues (visible or hidden) that come along with it. Even a newly constructed home may have a problem or two. If you are not ready to take on this responsibility, you might not be ready for homeownership just yet. Performing a home inspection before purchasing a property helps alleviate some concerns. At the very least, it brings potential problems to light. That way you have a better understanding of what you are getting into. But inspections do not cover everything. Let me explain some of the things you need to know about home inspections before you buy your next property.Home Inspection 101You Get to ChooseFirst of all, you get to choose your home inspector. Yes, your Lake Havasu REALTORĀ® may recommend someone to you. But feel free to perfor...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Last month, the Havasu Home and Patio Expo brought us great ideas and deals on home improvement. Next month, the Lake Havasu Boat Show 2021 brings great deals to you on watercraft. That's right. One month from today, you could be knee-deep in deck boats, bowriders, catamarans, and Cuddy Cabins. It's time to upgrade your water game!What: Lake Havasu Boat Show 2021 Where: Sara Park, Havasu 95 Speedway When: April 9th (12 pm to 6 pm), 10th (9 am to 6 pm) & 11th (9 am to 3 pm) Admission: $8/adult, Free/kids 6 & under Contact: Bob Brown, Organizer, (951) 501-0210 or via emailLake Havasu Boat Show 2021We LOVE the water here in Lake Havasu City. So do thousands of other people. At first, we saw people flock here only on weekends and in the summertime. Then, as word got out about our 300+ days ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Even with interest rates on the upswing, buyer demand continues to soar in the Havasu real estate market. According to the February 2021 Lake Havasu Market Report, inventory levels dropped off to their lowest point in the last 12 months. Active listings fell by more than half. Sales, on the other hand, rose. This all pushed sale prices up. If you are in the market for a new home, your first step needs to be to talk to your lender about securing a mortgage loan. That way, you are ready to act when you find a Havasu home you love.Lake Havasu Market Report for February 2021February 2021 Home SalesOur local MLS reported a total of 202 properties sold in Lake Havasu City last month. That was 11% higher than the 182 sold in February 2020. Pending listings rose 41.5% from the same time last ye...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The calendar says "winter" but you can start planning for your spring projects right now. How? Visit The Shops at Lake Havasu this weekend and go to the Havasu Home and Patio Expo 2021. They offer ideas for great projects to update your Lake Havasu home. And you are bound to find an awesome deal or two there as well.What: Havasu Home and Patio Expo 2021 Where: The Shops at Lake Havasu When: February 26th (12 pm to 7 pm), 27th (9 am to 6 pm) & 28th (9 am to 3 pm) Contact: Frank Wills, Desert Canyon Events (702) 373-7694Havasu Home and Patio Expo 2021Thinking about putting your property on the market soon? Ready to spend some of your equity on a major remodel? Or do you just want to start off this new year with a "refresh"? Then head to the Havasu Home and Patio Expo this weekend for insp...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
You searched and searched before you found your current Lake Havasu home. (The competition is fierce so, congratulations!) While you love your house, it might not actually be "perfect". Compromise may be necessary. (Again, the competition in the Havasu real estate market is fierce!) The size and location fit the bill. But the kitchen could use a little freshening up. Unfortunately, you just spent several thousand dollars buying this property. Funds are limited. You can make a huge impact without spending a ton of money just by adding some color to your kitchen cabinets.Using Color to Update Your Kitchen CabinetsKeep Design in MindFirst, you need to keep the rest of the kitchen's design in mind when choosing a color for your kitchen cabinets. You want the color to complement (not compete...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Are you ready to become a homeowner? Are you tired of renting and want to own your very first home? Worried about how much of a down payment you need in order to buy that Lake Havasu home of your dreams? Stop for a moment. Take a deep breath. You might not need as much as you think you do to become a homeowner.Down Payment for Home BuyersThe 20% RuleFinancial experts suggest that you put 20% of the purchase price down when buying a home. In Lake Havasu, buyers paid a median sale price of $345,000 in January. If you use the 20% rule, that means you need a down payment of $69,000. Closing costs add another few thousand dollars to your total costs. That can be overwhelming to many home buyers. When you put 20% down, you avoid paying PMI (Private Mortage Insurance). Also, you look more attr...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
My goodness. The first month of 2021 simply flew by. And our local housing market continues to thrive. According to the Lake Havasu Market Report for January 2021, sale prices and total home sales saw a huge increase from the previous January. Unfortunately, inventory levels fell to their lowest point in over a year. That means that competition among buyers for available homes is fierce.Lake Havasu Market Report for January 2021January 2021 Home SalesFlex MLS reported a total of 197 Lake Havasu properties sold in January 2021, a 7.7% increase from the same time last year. Pending listings came in at 280, a 23.9% increase from January 2020. However, active listings dropped off dramatically (from 733 in January 2020 to 386 in January 2021). That definitely affects buyers and their choices...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
When thinking about purchasing a home, most people only consider the financial side of the equation. Do I have enough money saved up for a downpayment? How much are closing costs? What about paying for inspections? Is my FICO score high enough to qualify me for a loan? Few people stop to consider the other aspects of homeownership. Put the money part aside. How do you know if you are really ready to become a homeowner?How to Know If You Are Ready for HomeownershipMaintenance & UpkeepWhen renting, you call the landlord or property maintenance company to take care of issues with your Lake Havasu home. But when you own the house, you must take care of these things yourself. For some people, the idea of taking over this responsibility may cause anxiety. But, if you feel up to tackling these...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Buying a Lake Havasu home is an investment. Whether it is your first home or your tenth one, you need to come up with some money to make it happen. Like many other areas of your life, you must pay for insurance to cover yourself in case of unforeseen circumstances. Lenders require that you pay PMI if you put less than 20% of the purchase price down on your loan. They also require that you pay title insurance as part of the home buying process.Title InsuranceWhat Is It?During escrow, your lender performs a title search. This provides the name of all past legal owners of the Lake Havasu home you wish to purchase. It may also uncover issues that could create a problem for transferring the title to you once escrow closes. Title insurance covers the expenses involved in resolving any issues ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Buying a home can feel a bit overwhelming. Can you afford it? Do you have enough saved up? Are you ready to become a homeowner? Even during a year like we experienced in 2020, the Lake Havasu real estate market boomed. Many buyers find that some of their stress comes from a misconception of the home buying process. Before you take that leap from renting to owning, let me bust a few first-time homebuyer myths for you to ease your mind a little.First-Time Homebuyer Myths BustedHomeownership Means Massive DebtFirst of all, yes, it costs hundreds of thousands of dollars to buy a Lake Havasu home. However, due to fantastically low interest rates, it costs less to borrow money than ever before. Partner this with tax deductions available to homeowners, you might find that it costs nearly the s...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
I hope everyone enjoyed the holidays as much as I did. Let us take a moment to reflect on how the local 2020 housing market ended up and how it fared all year long. According to the Lake Havasu Market Report for December 2020, total sales and sale prices rose significantly from the end of 2019. However, inventory levels plunged to below two months for the second time in 2020. How does this affect buyers today?Lake Havasu Market Report - December 2020December 2020 Home SalesOur local multiple listing service (Flex MLS) reported a total of 225 Lake Havasu properties sold in December 2020, a 10.3% increase from exactly 12 months before. It was also slightly higher than November's total sales. July's total sales of 284 remains the highest for the year. Despite a global pandemic, buyers hit ...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
The end-of-year holidays are upon us. I hope everyone enjoyed their Thanksgiving. Just three weeks until Christmas and four weeks until we bid adieu to 2020. Our local real estate market continues to thrive. According to the Lake Havasu Market Report for November 2020, year-over-year sales and prices went up. Buyers want to take advantage of historically low interest rates to purchase properties. Unfortunately, the pickings are slim. Inventory remains incredibly low. Buyers need to be prepared to act fast.Lake Havasu Market Report - November 2020November 2020 Home SalesFlex MLS (our local multiple listing service) reported a total of 212 Lake Havasu properties sold in November 2020. That marks a 16.5% increase from the 182 properties sold in November 2019. However, that is a 21.2% decre...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Havasu home buyers do not need a perfect FICO score to purchase a property. But a higher score increases your chances of loan approval. And the higher your score, the better your interest rate. With a median sale price of $365,000 last month, you need to get your credit in tip-top shape before you apply for a loan. To stay on top of a hot seller's market, you need to obtain pre-approval for a home loan before you even start looking for a new house. So, if you plan on buying a Havasu home anytime soon, use these credit score tips to strengthen your financial profile before you apply for a mortgage loan.How to Boost Your Credit ScoreCheck Your Credit ReportsLenders pull your scores from all three credit reporting agencies (Experian, Equifax, and TransUnion) as part of the home loan proces...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
As we enter the last quarter of the year, the local real estate market remains hot. According to the Lake Havasu Market Report for October 2020, the median sales price hit its highest mark ever. Total monthly sales hit their second-highest point for the year. And low inventory continues to create more competition among home buyers.Lake Havasu Market Report - October 2020October 2020 Home SalesThe local Multiple Listing Services (Flex MLS) reported a total of 269 properties sold in October 2020. That marks a whopping 43.9% higher than the total sales in October 2019. And it's the second-highest monthly sales total this year (behind 284 in July) and slightly above the total sales for September 2020 (262). With less than two months left in the year, our total sales for 2020 already surpass...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Ah. Fall is in the air. As our Lake Havasu weather begins to cool off (meaning temperatures in the 90s instead of 100+), it's a great time to explore the surrounding desert land. If your travels take you towards Parker, let me recommend a great pit stop in the middle of virtually nowhere: the Desert Bar. As of October 3rd, it is open for business.The Desert BarTalk about an oasis in the desert! The Desert Bar sits on the site that once housed a copper mining camp. Unfortunately, any remnant of the old mining camp disappeared well before the bar came along. But, the owners of the bar pay tribute to it with recycled art and a design that evokes the feel of the old west. In fact, a charming rustic church facade occupies the grounds. displayed on its walls are the names of the people that d...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
For other parts of the US, October means a changing of the leaves and chillier weather. In Lake Havasu City, it means temperatures in the 90s for the most, with the last of the triple-digits beginning to fade away. Even our local real estate market remains hot, hot, HOT! According to the September 2020 Lake Havasu Market Report, both home sales and prices went up while inventory stayed extremely low. Yes, our seller's market continues.Lake Havasu Market Report - September 2020September 2020 Home SalesAccording to our local Multiple Listing Service (MLS), a total of 262 Lake Havasu properties were sold in September 2020. That marks an almost 50% increase from the 175 sold in September of last year. It's also the third-highest monthly sales total for 2020 behind July (with 284) and June (...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
For several months now, the Lake Havasu real estate market fell squarely in the seller's favor. Once Governor Ducey opened the state back up, home sales exploded. Last month's total sales eclipsed August 2019's sales by over 25%. And sale prices hit their highest median ever. But millions of people remain unemployed during the COVID-19 pandemic. So, is now a good time to buy a Havasu investment property? Short answer: yes.Why Buy a Havasu Investment Property Right Now?Historically Low Mortgage RatesLower interest rates make it purchasing a Havasu investment property a little cheaper. While interest rates on a second home/investment property tend to run higher, they still hit historical lows. To be a successful investor, you must keep your carrying costs and monthly expenses low. A lower...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Usually, our Lake Havasu real estate market starts the year off mild and begins to pick up around spring (April/May). This year, thanks to COVID, we experienced a very tepid spring. But summer heated up in more ways than one. As Arizona began to open back up, people came out of hibernation. And they were on the lookout for a new home. According to the Lake Havasu Market Report for August 2020, we saw our third highest monthly sales for the year, inventory dipped down to its lowest point, and prices hit a record high.Lake Havasu Market Report - August 2020August 2020 Home SalesAfter a rough beginning to the year, it looks like sales have really picked up. According to Flex MLS, a total of 245 properties were sold in Lake Havasu in August 2020. That marks a 25.6% increase over the 195 sol...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
In the real estate industry, you play a lot of "hurry up and wait". You rush around trying to find the right property. When you do find "the one", you rush to put in an offer. Once the offer is accepted, you enter escrow. Then, you wait. I've provided a sort of Havasu home closing timeline below to prepare you for what to expect during this time.Havasu Home Closing TimelineEnter EscrowTypically, it takes anywhere from 30 to 60 days to complete escrow. Like fingerprints, transactions vary from person to person. One of the things that might hold up your Havasu home closing time is your loan approval. This tends to take the longest amount of time. So, you need to start working with a lender as soon as possible in your home buying process. How soon? Like before you even start looking. Knowi...
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By Liz Miller, Just Call Liz
(Coldwell Banker Residential Brokerage)
Home sales figures and the median sale price hit their highest point of the year, according to the Lake Havasu Market Report for July 2020. Unfortunately, our inventory continues its deep dive. Until we see more listings hit the market, prices will continue to rise. That's great news for sellers but not so great for buyers. What is good news for buyers, however, is that interest rates remain at historically low levels.Lake Havasu Market Report - July 2020July 2020 Home SalesFlex MLS reported that a total of 284 properties in Lake Havasu City were sold in July 2020. That marks a 26.2% increase from the 225 sold last July. It's also the highest reported monthly sales for the entire year so far. This helped nudge our total Lake Havasu real estate sales to 2.3% higher than the same point la...
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